Google Joins Forces with Walmart-backed Flipkart in $350 Million Deal, Boosting Valuation to $37 Billion

It's reported that Google plans to allocate $350 million in a venture with Walmart-endorsed Flipkart, elevating its valuation to $37 billion, as per an informant familiar with the situation, according to Reuters. Both Google and Flipkart have yet to verify the investment's details publicly.

As part of the recent capital influx for the Bengaluru-headquartered enterprise, Google is poised to become a new funding participant, announced Flipkart through a press release. Walmart, holding the largest share in Flipkart, will spearhead this funding episode, positioning Google among its lesser shareholders, pending regulatory green lights.

Through this financial maneuver, coupled with a partnership on cloud computing, Google intends to augment Flipkart's operational scope and fast-track its digital framework upgrade, aiming at enhanced service delivery nationwide, Flipkart elaborated.

In a noteworthy disclosure this past December of 2023, a delegate for Flipkart verified Walmart’s commitment of $600 million into the firm, contributing to a substantial $1 billion funding round.

Speculations around Flipkart's potential Initial Public Offering (IPO) have circulated since Walmart's acquisition, marking it a contender against Amazon.com within the Indian market. U.S. retail powerhouse executives hinted earlier in the month at ongoing evaluations for an opportune IPO launch for Flipkart.